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to compromise to keep the economy on track ass said by tom baker. >> do you know what the fiscal cliff is? >> actually i don't. >> do you know what the fiscal cliff is? >> i haven't a clue what a fiscal cliff is. >> i haven't heard of that term. >> reporter: you will, and soon. >> enormous changes that are currently scheduled to happen on new years day. >> reporter: absent a deal, there will be automatic tax increases for everyone, massive budget cuts and a huge reduction of the federal budget. >> there will be very large cuts in defense spending. there will be equally large cuts in non-audience spending. what that means of course request is that the government will buy many fewer things. hundreds of billions of dollars less. >> reporter: government will have far less money to spend and businesses will have less money. >> it will be big enough that it will be noticeable and it will be painful. >> reporter: huge layoffs across the board possible, and the economy may stall. >> it's entirely possible that you could see a recession. >> reporter: now that we know. >> i hope it's not us who hav
tomorrow on economy and america's impending fiscal clip. she will avoid tax cuts and spending cuts that will undermine the account economy. >>> wall street endured a second straight day of sauce losses. concerns about congressional gridlock on fiscal clip out weight encouraging news about another decline in weekly jobless claims. still coupons are taking after a disappointing report. analysts expected a slight profit. shares after hours are down 15% and now about 80% off a $20 per- share ipo price last november. >>> twitters says it accidentally reset passwords for a number of users after some accounts were hacked. think of this go micro blog over to a number of users about a suspected phishing scam and reset their passwords. other users have their passwords reset even though they were not compromised and twitter apologized. >>> traffic was gridlock in one part of the state as shoppers went to a new outlet mall. rob will tell us how that spending is expected to pay off big for the city of livermore. [ cheering ] >> champagne, confetti. the celebration began this morning here on la
is not the answer. >> everyone wants to get our economy moving again. everyone wants more americans back to work again. raising tax rates will slow down our ability to create the jobs that everyone says they want. >> reporter: without an agreement the average american household could see a taxip crease of $3500 putting a debt in the deficit but hitting consumer spending as the economy struggles to get back on track. in washington, back to you. >> skepticism about a compromise derailed a rally on wall street. the dow got a 4 point gain. it was a rough week for both indexes as each lost more than 2%. >>> bay area congresswoman, spear, says she believes compromise to avoid the cliff is possible but that it has to come from both sides of the aisle. >> i think the miles an the american people spoken loud and clear. that is something that the respects take to heart. other waoeusz the tax cuts will just expire. they will expire on everybody. >> one analyst we talked with pressure from the public can help break the deadlock in congress. >>> president barack obama has a visit to new york next week to r
to the parking space. >> reporter: the outlets are expected to give the economy a big boost. >> it's $200 million of tax revenue that goes into the coffers. >> reporter: the reason needed more retail. >> i think it's awesome. i don't have to go away to milpitas, i don't have to go away to vacaville, i can stay right here by home. >> reporter: mall managers are also looking to draw tourists in from san francisco hotels and this mall is already 100% leased. so a second site is scheduled to open in 2014. you can see the line of car headlines coming out of this parking lot and they're expect to have 200,000 people visit by the end of the weekend. >> walnut creek police are looking for two men who kidnapped a 57-year-old woman, stole her money and left her tied up in oakland. police say the woman was forced into her own car outside the shadeland's park office. they said the two men blindfolded and bound the woman then withdrew money using her atm card. the man left the victim tied up. >> looking into a number of feeds, security camera footage from a number of locations. >> reporter: police describe t
cards. so if we all bought. maybe some of those cards, think of what that could do for our local economy. >> mayor kwan says, that she might -- most of the lights are on back now at the san francisco city hall after a small electrical fire i go united a basement electrical vault last night. parking lots are still without power, but should fully be restored by firing tonight. fire officials told us that it was an electrical fire but the exact cause is under investigation. >> they should go after me. >> barack obama's blistering response to critics. who is he defending plus his first comments of the petreas affair. >> the good news for consumers and why the fisher men call this the last of the wild west. >> temperatures have peaked, how much cooler you can expect for thursday, and when several of the storms move back in for our local forecast. (car horn) paying with your smartphone instead of cash... (phone rings) that's a step forward. with chase quickpay, you can send money directly to anyone's checking account. i guess he's a kicker... again, again! oh, no you don't! take a step forward
a deal must be reached or the economy will fall back into recession. >> i was encouraged to hear speaker boehner agree that tax and revenue is a priority. >> reporter: in washington, nicole collins fox news. >>> more details on that so called fiscal cliff. without action bush era tax cuts would end. including the child tax credit and earned income tax credit. billions of the dollars in automatic spending cuts would kick in including money for education, food inspections and air travel safety. >>> the dow industrials closed up four points the nasdaq gained nine. but for the week, both of those indexes ended more than 2% lower. >>> the unexpected resignation of cia director david petraeus. general petraeus is best known for his leadership in the post9/11 wars. he had served as c -- cia director for more than a year. >>> senator dianne feinstein called loss of petraeus a loss. >>> fbi agents reportedly discovered the affair while investigating a possible security breech at the cia. according to the report the name paula baldwell came up. the fbi was initially concerned that someone had im
toward a clean energy economy and environmentalists appraising it is a model for the world. >>> the recent wet weather system that rolled through the bay area brought lots of snow to the bay area. we want to show you what it looked like on friday in nayac. at high elevations more than 2 feet of snow fell. it was the first sizable snowfall of the season. and as you see here from these pictures boy it costs several spin outs and traffic back ups for drivers heading to the mountains. >>> it's not even thanksgiving yet and people are already skiing at lake tahoe. we want to show you what's going on out here. this is a picture taken at boreal ski resort. they did have the snow machine going on out there. more and more ski resorts are set to open this month. north star is set to open in a week. and we move on and see that kirk wood is set to open on november 21st that's the week of thanksgiving. >>> officials are investigating a fire at a fremont school. the key piece of evidence that has investigators calling this blaze suspicious. >> more on the petraeus scandal. the investigat
, and the economies are getting worse, and they see no hope for change. >>> in beijing, the communist party selected a new ruler to guide the country for the next ten years. he will be the party's general secretary and will oversea the people's liberation army. he's expected to assume power next march. >>> the owner of a pharmacy linked to a deadly nationwide meningitis outbreak appears before lawmakers on capitol hill today, but he refused to answer any questions. barry cadden is the cofounder of the new england command center. he exercised his fifth amendment right. 42 people have died. others have gotten sick from injections distributed by the massachusetts pharmacy. >>> a sacramento woman has set a new record for giving birth to the world's heaviest set of triplets. britney dean gave birth to three healthy baby boys. their total weight of 20 pounds exceeds the previous record by more than a pound. the couple say they were stunned when they learned they were expecting triplets. >> i saw the ultrasound. i can kind of read them so i saw there was two and i started crying when the doctor said here's
Search Results 0 to 7 of about 8